BURLINGTON, Mass.–(BUSINESS WIRE)–May 30, 2003–
Trident Capital Leads Round; Acer Technology Ventures,
Fenway Partners and First Albany Companies Also Invest
iRobot Corp., a leading provider of robotic technology, today announced it has secured $13 million in financing. Trident Capital, a national venture capital firm focused on information technology investments and emerging technology, led the financing round, with additional funds from current investors Acer Technology Ventures, Fenway Partners and First Albany Companies. Additionally, Trident Capital Managing Director Peter Meekin has joined iRobot’s Board of Directors.
iRobot plans to use the funds to expand production capacity for military robots and accelerate the company’s drive for broad adoption of robotics technology. The company also plans to increase production of its award-winning Roomba(TM) Robotic FloorVac, the first robotic vacuum for the U.S. market, to meet the needs of an expanding distribution base.
“iRobot is a visionary leader in the robotics market. The company’s innovations span a wide spectrum of robotics technology — from robots searching buildings in Iraq to vacuuming a living room in middle-America,” said Peter Meekin of Trident Capital. “iRobot’s strong executive team, combined with its highly experienced product development staff, ensures that the company is firmly positioned to lead the robotics technology market.”
“We’ve experienced numerous successes in military and industrial markets, and we see a growing need for robotics technology in the consumer market. The success of Roomba validates our position that consumers are eager to embrace robots in their homes — provided they are affordable, efficient and fill a need,” said Colin Angle, chief executive officer of iRobot Corp. “With this investment from Trident Capital and three of our current investors, Acer Technology Ventures, Fenway Partners and First Albany Companies, we can continue to build on our success and introduce new, groundbreaking technologies to the market.”
iRobot is committed to advancing the robotics industry and has developed numerous robots for the U.S. Department of Defense, law enforcement agencies, agricultural and toy companies. The company’s introduction of Roomba is its first step toward establishing a new market category of intelligent home appliances.
About Trident Capital
Trident Capital is a leading venture capital firm with over $1.2 billion of capital under management, including $519 million in its most recent fund, Fund V. Trident has invested in over 100 companies since its inception in 1993. The firm invests in information services and software companies with a focus on business outsourcing, financial services, security, marketing services and infrastructure software markets. Trident is an active investor across multiple stages, with experience in both traditional venture capital growth financing as well as in management buyouts, spin-outs and roll-ups. Past successes include American Cellular, CSG Systems, Pegasus Solutions, Mapquest, Montpelier Re and Vality Technology. The firm has offices in Palo Alto, CA; Lake Forest, IL; Los Angeles, CA; and Westport, CT.
About Acer Technology Ventures
Acer Technology Ventures (ATV), the venture capital arm of the Acer Group, is responsible for making high-tech venture investment decisions in the U.S. and Asia. ATV manages over $300 million in committed capital for a diverse group of investors including Acer Group business units, international banks and other major financial institutions. ATV focuses on early stage innovative software or hardware based intellectual property and technology in areas such as semiconductors, communications, eSolutions, and Internet infrastructure. The Acer Group, a $12 billion worldwide PC vendor and e-business solution and service provider, not only designs, produces and markets a broad range of industry leading PC related products, such as desktop PCs, mobile PCs, servers, peripherals, components, communication devices, Internet appliances and integrated circuits, but it also provides e-business solutions that combine IT products with a wide range of e-services delivered via the Acer Group e-infrastructure. For more information, please visit: http://www.acervc.com.
About Fenway Partners
Fenway Partners, dedicated to building long-term value through direct investment in leading middle-market companies, is a private equity investment firm based in New York with funds under management of more than $1.4 billion. In partnership with management, Fenway invests in companies with strong market positions and significant opportunities for growth. The firm provides management and strategic guidance to improve the operating and financial performance of its portfolio companies, which include Simmons Company, Harry Winston, DCI Holdings, Transport Industries, and other leading enterprises. For further information about Fenway, visit the firm’s Web site at www.fenwaypartners.com.
About iRobot Corp.
iRobot has a long commitment to building robotic products that make life safer and easier for people in many walks of life. Over the past 12 years, iRobot has developed and built innovative products for the U.S. military, law enforcement, agricultural, industrial cleaning and toy industries, and now the consumer marketplace. Introduced in 2002, Roomba was featured as one of the year’s best by Time Magazine, Business Week, and USA Today. For additional information about iRobot, visit www.irobot.com.
